After being ousted by Qualcomm’s board of directors, former chairman Paul Jacobs has been working on a bid to buy back the company his dad co-founded and take it private.

CNBC had reported this week that Jacobs had made some progress with private and sovereign fund runners as well as ARM, the leading designer of mobile processor architectures — Qualcomm’s Snapdragon chipsets have long used ARM’s Cortex cores and the initial Kryo design was based off an ARM design.

After hearing of the report, SoftBank-owned ARM denied that it had talked with Jacobs on the subject.

People familiar with Jacobs desires say that the only way he can enact his vision for Qualcomm, which would be kept together as a single unit, would be to take the company private, even with the help of many backers. Unlike previous stalking horse Broadcom, he would maintain the company’s licensing business, but reform its operations to have it become the most profitable division.

Jacobs owns 1 percent of Qualcomm’s outstanding shares which, all together, are valued at $90 billion.

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